There are many companies advertising that you can eliminate credit card debt legally without paying another penny on the bill. While many of their accusations about unethical lending are true, the claim that you can invalidate the debt is not. Regardless of the microprint on the signature line of your check, or the apparently broken promises in the contract, your only option to eliminating your credit card debt is to pay the bill.

This does not mean you have to pay it all at once, or even in a way, that bankrupts you. Most credit card companies will negotiate the interest rate on your card. They will work with you to ensure they are paid. You also have other options.

The first thing to remember is this: Do not cancel your cards! This will negatively affect your credit rating. Having established that fact, let’s look at ways you can use to improve your situation.

Gather all your credit card bills together, sit down with paper and pencil, and start listing your cards, the amount due, minimum payment due, and the interest rate on each card. Your primary target in this step is going to be the interest rates. Contact the issuer of the card with the highest interest rate and ask them to reduce it. You may need to explain your circumstances. Most issuers, though, would rather lower the rate than have to deal with an account going into collection status. When you lower the interest rate, you will also lower your monthly payment. Do this with every card.

Next, if you can, transfer the balances of your higher interest rate cards to your lower ones. Now put those cards away. Once you’ve reduced your cards to a manageable number and amount, determine how much you can pay on each card. Start with the card that has the lowest balance and pay more than the minimum due while you maintain regular payments on the other cards. Once you have paid off each card put it away and save it for emergency use only.